1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The short - term pulp market may continue the low - level oscillation pattern. Spot prices are suppressed by high inventory and have limited room for rebound. Later, attention should be paid to port inventory, seasonal demand during the "Golden September and Silver October", terminal demand orders, and the capital trend in the market under the support of rising broadleaf prices. Although Suzano's price increase and marginal improvement in demand inject rebound momentum, high inventory and delivery risks still restrict the upside space. The valuation of the futures market is neutral and slightly low. The recommended strategies are to try long positions on far - month contracts on dips [88]. 3. Summary by Directory 3.1 Industry News - Shandong Sun Paper plans to invest up to 1.53 billion yuan in a 700,000 - ton high - grade packaging paper project at its Yandian plant in Shandong, with a construction period of 18 months. It also announced a 600,000 - ton bleached chemical pulp project with a total investment of up to 3.51 billion yuan [5]. - As of August 28, 2025, the inventory of pulp in major Chinese ports showed a downward trend. The inventory in Changshu Port was 515,000 tons, down 15,000 tons (2.8% MoM); in Qingdao Port, it was 1.39 million tons, down 10,000 tons (0.7% MoM); in Gaolan Port, it was 52,000 tons, down 10,000 tons (16.1% MoM). The total inventory of major ports was 2.084 million tons, down 48,000 tons (2.3% MoM) [5]. 3.2 Market Data 3.2.1 Market Trends - On August 29, 2025, the basis of Silver Star was 682 yuan/ton, down 1.45% MoM and up 251.55% YoY; the Silver Star - Russian Needle spread was 82 yuan/ton, up 95.24% MoM and 139.81% YoY [12]. - The 11 - 01 month spread was - 326 yuan/ton, down 27.34% MoM; the 01 - 05 month spread was - 20 yuan/ton, down 200% MoM [17]. 3.3 Fundamental Data 3.3.1 Price - The prices of imported coniferous pulp in the spot market declined slightly. The prices of Silver Star, Cariboo, Northern Wood, Lion Brand, and Russian Needle all decreased compared to the previous period. The prices of imported broadleaf pulp showed a mixed trend, with some regions showing a slight increase due to cost pressure, while others were weak due to limited acceptance from downstream paper mills [29][34]. - The import profits of coniferous and broadleaf pulp decreased. The import profit of Silver Star was - 159 yuan/ton on August 29, 2025, down 92.32% MoM and 1082.86% YoY [27]. 3.3.2 Supply - The supply of domestic chemimechanical pulp increased this week. The weekly output of domestic chemimechanical pulp was 872,000 tons on August 28, 2025, up 3.81% MoM [44]. - In June 2025, the inventory in European ports increased YoY and MoM, and the global pulp outbound volume increased seasonally MoM but was lower YoY. In May, the W20 pulp inventory increased significantly [48][52]. - In June, the export volume of coniferous pulp from Canada, Chile, Finland, and the United States to China increased MoM but was still at a low level YoY. In July, the export volume of Chilean coniferous pulp to China increased significantly. In June, the export volume of broadleaf pulp from Brazil and Indonesia to China decreased slightly MoM but was at a high level YoY. In July, the export volume of Brazilian broadleaf pulp to China remained at a high level YoY, while that of Uruguay decreased significantly MoM [55][57]. - In July 2025, the total import volume of Chinese pulp decreased. The import volume of coniferous pulp decreased by 4.64% MoM, and that of broadleaf pulp decreased by 5.84% MoM [61]. 3.3.3 Demand - The domestic offset paper market was in a supply - demand game, with light trading. The production of large - scale factories was basically stable, but the industry's profitability was poor, and there were situations of paper machine conversion and shutdown for maintenance. The downstream consumption was flat, and the purchasing was mainly for replenishment [64]. - The copperplate paper market was sluggish. Factories maintained stable production, but demand continued to decline due to various factors. The consumption of base paper by downstream users was slow, and the market was in a stalemate [67]. - The white cardboard market was stable. Both supply and demand increased, and large - scale manufacturers achieved a balance between production and sales. Some paper mills planned to raise prices in September [70]. - The living paper market was in a flat consolidation. The terminal demand did not improve significantly, and the industry's operating rate remained at a low level. The price of raw pulp had limited support for the price of living paper [73]. - In July, the retail sales in the pulp terminal demand areas weakened seasonally MoM. The retail sales of cultural office supplies and daily necessities increased significantly YoY, while the retail sales of books and magazines and the production of dairy products decreased YoY [76]. 3.3.4 Inventory - As of August 29, 2025, the total warehouse receipt quantity of pulp was 247,400 tons, with 229,200 tons in warehouses and 18,200 tons in factories, down 1.79% and 0% MoM respectively, and down 48.45% and 38.46% YoY respectively [78]. - The total inventory of the five major ports (Qingdao, Changshu, Gaolan, Tianjin, and Rizhao) was 2.084 million tons on August 29, 2025, down 2.25% MoM and up 12.71% YoY [85].

Core Viewpoint - The acquisition of 100% equity in Sichuan Jinfeng Paper Industry by Hengfeng Paper Industry is seen as a crucial step to strengthen industry chain integration and accelerate the implementation of internationalization strategies [2][3]. Group 1: Acquisition Details - Hengfeng Paper Industry has announced plans to acquire Sichuan Jinfeng Paper Industry, which has a strong presence in the cigarette paper sector and holds a rare tobacco production license [2]. - The acquisition aims to address Hengfeng's capacity constraints and enhance its production capabilities, as existing facilities lack expansion space [2][5]. - The deal is expected to help Hengfeng Paper Industry overcome production bottlenecks and achieve significant scale growth [2][5]. Group 2: Industry Context - The acquisition aligns with national policies promoting mergers and acquisitions in the paper industry, particularly through structural reforms to eliminate outdated capacity [3][4]. - The "14th Five-Year Plan" for the paper industry emphasizes optimizing enterprise structures and encouraging mergers to enhance operational management [2][3]. Group 3: Strategic Benefits - The merger is anticipated to create synergies through resource complementarity, with Hengfeng's strong R&D capabilities and brand influence combined with Jinfeng's production capacity and geographic advantages [4][5]. - The strategic layout of having "one south and one north" production base will reduce transportation costs and enhance supply chain resilience, catering to regional production needs in the tobacco industry [6]. - The acquisition is expected to provide Hengfeng with a competitive edge in expanding into international markets, particularly in Europe and emerging markets [6]. Group 4: Financial Performance - Hengfeng Paper Industry reported a revenue of 1.353 billion yuan for the first half of 2025, a year-on-year increase of 12.78%, with net profit reaching 94.937 million yuan, up 69.06% [6]. - The company's performance is attributed to ongoing improvements in management efficiency, supply chain optimization, and cost control measures [6].

Core Viewpoint - ST晨鸣 reported a significant decline in revenue and profit due to production line shutdowns for maintenance at its production bases in Zhanjiang, Jilin, and Shouguang, leading to a decrease in sales volume and financial performance [1] Financial Performance - For the first half of 2025, the company achieved an operating revenue of 2.107 billion yuan, which reflects a year-on-year decline [1] - The net profit attributable to shareholders of the listed company was a loss of 3.858 billion yuan, indicating a substantial drop in profitability [1] Operational Challenges - The shutdown of production lines for maintenance has directly impacted the company's production capacity and sales performance, contributing to the overall decline in revenue and profit [1] - The company has made provisions for asset impairment and bad debts due to the effects of the maintenance shutdowns, further affecting its financial results [1]

Core Viewpoint - The export volume of double glue paper in China is expected to remain low in the latter half of the year due to various factors including reduced global demand, increased domestic competition, and uncertainties in export costs [1][2]. Group 1: Export Volume and Trends - In the first seven months of 2025, China's cumulative export volume of double glue paper reached 502,900 tons, a year-on-year decrease of 16.14% [1]. - The overall export situation for double glue paper is projected to remain pessimistic from August to December, with an estimated cumulative export volume of around 360,000 tons, reflecting a year-on-year decrease of 7.01% [2]. Group 2: Market Influences - The decline in export volume is primarily attributed to reduced international demand for paper products, particularly as double glue paper serves as a raw material for books and notebooks [1]. - The Southeast Asian region's long-term low-cost wood resource advantage continues to exert competitive pressure on China's double glue paper exports [1]. Group 3: Domestic Market Conditions - The domestic market is expected to face increased competition with 1.25 million tons of new production capacity set to be released from August to December [1]. - Despite the oversupply in the domestic market, companies may seek to export to alleviate inventory pressures, although fluctuations in pulp prices and double glue paper pricing will impact profitability and export pricing flexibility [1].

Core Viewpoint - Jingxing Paper (002067) reported a mixed performance in its 2025 mid-year financial results, with a slight decline in total revenue but an increase in net profit, indicating improved profitability metrics despite overall revenue challenges [1]. Financial Performance - Total revenue for the first half of 2025 was 2.629 billion yuan, a decrease of 1.69% year-on-year [1]. - Net profit attributable to shareholders reached 55.0338 million yuan, reflecting a year-on-year increase of 15.37% [1]. - In Q2 2025, total revenue was 1.44 billion yuan, up 2.18% year-on-year, while net profit for the quarter surged by 200.6% to 78.4562 million yuan [1]. - Gross margin improved to 9.15%, a year-on-year increase of 20.41%, and net margin rose to 2.18%, up 24.96% year-on-year [1]. - Total operating expenses (selling, administrative, and financial) amounted to 134 million yuan, accounting for 5.11% of revenue, which is an increase of 11.92% year-on-year [1]. Key Financial Ratios - The company reported a return on invested capital (ROIC) of 1.75% for the previous year, indicating weak capital returns [4]. - The historical median ROIC over the past decade was 5.47%, with the lowest recorded ROIC of 1.06% in 2023 [4]. - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 78.18% [4]. - The interest-bearing debt ratio reached 25.18%, highlighting potential debt concerns [4]. - Accounts receivable to profit ratio stood at 635.72%, suggesting challenges in receivables management [4]. Shareholder Information - The largest fund holding Jingxing Paper is Guolian Xin Value Mixed A, with a holding of 15,400 shares and a current fund size of 0.12 billion yuan [5].

Core Viewpoint - Sunshine Paper Holdings (02002.HK) reported a revenue of RMB 3.57 billion for the first half of 2025, representing a year-on-year decrease of approximately 9.7% [1] - The company's attributable profit decreased by about 56.1% to RMB 83.2 million during the same period [1] Financial Performance - Revenue for the first half of 2025 was RMB 3.57 billion, down 9.7% year-on-year [1] - Attributable profit for the same period was RMB 83.2 million, a decline of 56.1% year-on-year [1] Management Efficiency - The company's liquidity ratio improved from 0.88 at the end of 2024 to 0.93 in the first half of 2025, indicating enhanced management capabilities [1] - The proportion of financing costs to revenue decreased from 2.2% in the previous year to 1.7% in the current period, reflecting effective cost reduction strategies [1] Inventory Management - Inventory turnover ratio decreased from 5.3 times in the previous year to 5.08 times in the current period, influenced by the industry environment and the acquisition of Sunshine Prince Specialty Paper Co., Ltd. [1] - Despite the decrease in turnover, the company maintained a relatively good level of inventory management, effectively controlling inventory capital [1]

Core Viewpoint - Sunshine Paper Holdings (02002) reported a decline in revenue and profit for the first half of 2025, indicating challenges in the current market environment [1] Financial Performance - The company's revenue for the first half of 2025 was 3.573 billion RMB, representing a year-on-year decrease of 9.71% [1] - Shareholders' profit attributable to the company was 83.184 million RMB, down 56.09% compared to the previous year [1] - Basic earnings per share were reported at 0.08 RMB [1]

Core Viewpoint - The report highlights the growth trajectory of China's paper and paperboard production, projecting a production volume of 13.99 million tons by June 2025, reflecting a year-on-year increase of 3.1% [1] Industry Summary - According to the National Bureau of Statistics, the cumulative production of paper and paperboard (excluding purchased raw paper processing) in China for the first half of 2025 is expected to reach 79.33 million tons, with a cumulative growth rate of 3.2% [1] - The report provides a comprehensive market survey and development outlook for the paper industry in China from 2025 to 2031, indicating a sustained focus on industry research and analysis [1] Company Summary - Listed companies in the paper industry include Sun Paper Industry (002078), Chenming Paper (000488), Bohui Paper (600966), Yueyang Forest & Paper (600963), Shanying International (600567), and Hengfeng Paper (600356) [1] - The report emphasizes the importance of industry insights and tailored consulting services for investment decision-making in the paper sector [1]

Group 1: Green Finance Development - The rapid development of the green finance market has led to an increase in relevant information and data, with a focus on the latest trends and practices in the field [1] - The National Foreign Exchange Administration has initiated a pilot program for green foreign debt in 16 provinces and cities, encouraging non-financial enterprises to use cross-border financing for green or low-carbon transformation projects [2] - The issuance of labeled green bonds in the domestic market saw a significant increase in Q2 2025, with a total of 110 bonds issued, amounting to 273.045 billion yuan, representing a year-on-year growth of 147% [3][4] Group 2: Environmental Impact and Reporting - The environmental benefits of labeled green bonds issued in Q2 2025 are projected to support the reduction of 44.9156 million tons of CO2 emissions and 18,996.46 tons of SO2 annually, with an increase in the completeness of environmental benefit disclosures [4] - Guangdong has introduced the first judicial guarantee document for carbon asset monetization, providing systematic legal support for carbon emission quota pledge financing [5][6] Group 3: Carbon Market and Financial Instruments - The Shanghai government has released an action plan for deepening carbon market reforms from 2026 to 2030, promoting the participation of financial institutions in voluntary emission reduction activities and carbon trading [7][8] - The Agricultural Bank of China Singapore Branch launched Singapore's first sustainable development-linked loan financing framework, enhancing cooperation in green finance between China and Singapore [17] Group 4: Innovative Financial Products - Standard Chartered completed the world's first sustainable guarantee syndicate compliant with ICC standards, providing over 300 million USD in financial support for wind power equipment sales [13][14] - Guangdong issued the first green corporate bond to support small and micro enterprises, raising 450 million yuan specifically for green equipment leasing and energy-saving projects [15] - The Industrial and Commercial Bank of China Singapore Branch issued the first green bond certified by the M-CGT, raising 3.5 billion yuan and 3.5 million SGD, enhancing the credibility of green bonds [18]

Group 1 - The core viewpoint of the article is the upcoming launch of futures and options for coated printing paper on September 10, 2025, by the Shanghai Futures Exchange [1] - The coated printing paper industry is characterized by a significant market size, high standardization, stable product quality, and sufficient market competition, making it suitable as a futures underlying asset [5][37] - The production and consumption of coated printing paper in China are projected to be 948,000 tons and 871,000 tons respectively in 2024, with coated paper accounting for approximately 7% of the total paper and board production [10][21] Group 2 - The global production of coated paper in 2023 was approximately 45.72 million tons, a decrease of 5.1% year-on-year, representing 11.2% of the total global paper and board production [7] - The main production regions for coated paper are Asia, accounting for 66.2% of global production, followed by Europe (15.6%), North America (10.1%), and South America (5.8%) [7] - The production cost structure of coated printing paper indicates that pulp accounts for over 70% of production costs, significantly impacting pricing [26][29] Group 3 - The futures contract for coated printing paper will have a trading unit of 40 tons per contract, with a minimum price fluctuation of 2 yuan per ton and a daily price limit of ±4% [31] - The delivery method will be physical delivery, with a certification management system for deliverable products to ensure quality [5][33] - The introduction of coated printing paper futures and options is expected to enhance market liquidity, improve price discovery, and support the risk management needs of the paper industry [37]